| Question |
Answer |
| What is the labor force? |
People who want to or are working in an economy. |
| The portion of the people in a workforce that are not working? |
unemployment rate |
| Is the steel that goes into the car part of the GDP? |
NO, only the final product is. |
| What does the GDP have to do with the economy? |
It measures the growth of, or decrease in the output of a nation. |
| What is the cycle of Recession-prospertiy called? |
the Business Cycle. |
| What does the consumer price index compare? |
It compares the price of an item, to the same item earlier that year. |
| What is Inflation. |
It would be the increase in the general price level of comon goods. |
| What is Deflation? |
It is the decrease in price of common goods, it doesn't happen very often. |
| What is a capital project? |
It is a business spending money in order to expand and be more efficent. |
| What is a budget surplus? |
A budget surplus is when the US goverment is spending less money that it is collecting in taxes. |
Biology Lab Midterm
